REX Shares and Osprey Funds have filed for 21 single-asset crypto exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC). The applications include products tied to Cardano (ADA), Stellar (XLM), Sui (SUI), and Hype (HYPE). The filings represent one of the largest coordinated pushes for crypto ETFs in the market’s history.
REX-Osprey Crypto ETF Filings Include Staking, Cayman Structures, And Global ETPs
Based on the SEC document, the proposed ETFs are not limited to simple price tracking. Most of them are established as staked products. Thus, investors are able to earn rewards both from locking up their assets and the market performance of the tokens.
Tokens that have been proposed for staking rewards include ADA, AVAX, DOT, NEAR, SEI, SUI, TAO and HYPE. Relatedly, REX-Osprey’s Solana staking ETF recently hit a new high. The performance of this ETF would have given the firms another boost to file for these multi-coin ETFs.
To comply with U.S. tax and regulatory requirements, the funds will use Cayman Islands subsidiaries. These entities mirror the strategies of the U.S.-listed ETFs and allow the managers to keep exposure while maintaining regulated investment company status. Recently, the firms teased a Dogecoin ETF, causing a jump in DOGE price.
The filing also states that at least 40% of assets could be invested in non-U.S. exchange-traded products, such as ETPs listed in Europe or Canada. Issuers like 21Shares, CoinShares, and Valour are named among the reference products.
Source: https://coingape.com/rex-osprey-files-ada-hype-xlm-sui-crypto-etfs/
